The only thing is WY LLC will flow through the income and losses to our individual CA return. any insight on this matter is greatly appreciated as I’ve heard and saw conflicting things regarding LLC needs to be registered in CAthank you ! 

It’s emotionally draining, but I’m determined to honor his legacy by building a real estate portfolio, just like he did.On top of that, I’ve faced a lot of loss in recent years.

The easiest way to start is to go into your local branch banks and ask for their loss mitigation department, and once you get the right person, ask how you go about buying their REOs.

So, an overleveraged property that had no equity to begin with and now an additonal loss from the costs of selling.What could go wrong?

A 1033 exchange is specifically for involuntary conversions and catastrophic loss situations like yours. 

In a short sale with a partial claim, your first lien position with the FHA loan takes the loss so the claim can be paid in full.

By this time 18 months have passed and the property through neglect, no maintenance, loss of tenants, etc. may appraise for significantly less than amount owed.  

Remember that you’re incurring a vacancy loss every day you don’t have a tenant in place, so you should consider the trade-off here.

Make sure personal property, business income loss, cleanup cost, etc are covered.Term life insurance.  

This means I will take a significant loss to ensure investors do not lose their initial investment.